LA Galaxy parent company AEG is put up for sale

LA Galaxy parent company AEG is put up for sale

The LA Galaxy's ownership may change as the club's parent company the Anschutz Company has put its AEG subsidary up for sale, the company announced on Tuesday afternoon.

"Given the success of the management team and employees in establishing AEG as one of the premier real estate development, live sports and entertainment platforms in the world, as well as the value AEG has created with the strategic assets that comprise its platform, this is an appropriate time to transition AEG to a new qualified owner," Anschutz Co. president Cannon Y. Harvey said in a statement. "This process represents a unique opportunity to maximize value for all concerned and will allow us to assure that, like the Anschutz Company, the new owner will have the financial resources, commitment and vision to support AEG’s management team as it continues to grow the businesses of AEG and the power of its brands."

"We will conduct this process in a manner that avoids disruption of the day-to-day operations of AEG and its constituencies," Harvey added. "The Anschutz Company has the highest confidence in AEG’s potential and its management, and will only undertake a transaction that reflects this confidence.”

Run by Phillip Anschutz, the Anschutz Company runs AEG, which owns and operates a wealth of properties-- 120 in total -- across the globe including the Galaxy, The Home Depot Center, Staples Center and half of the Houston Dynamo, among others. To assist the Anschutz Company and AEG in the sale process, the Anschutz Company has retained the Backstone Group as financial advisors, a group that recently managed the auction process of the Los Angeles Dodgers.

AEG has played a fundamental role in the development of MLS having previously owned half of the club's in the league. MLS recognized Anschutz's contributions by naming the MLS Cup trophy after the 72-year-old in 2008. If a sale were to happen, it would be doubtful that would affect the Galaxy in the short-term, as they would remain owned by AEG. The only change would be at the top of the organization, with the Anschutz Company no longer serving as the AEG's owner.